Is your Loan Officer Licensed, or simply registered? There is a BIG difference YOU need to understand

By
Mortgage and Lending with Mortgages Unlimited, Inc NMLS 274132
Is your Loan Officer Licensed, or simply registered? There is a BIG difference YOU need to understand

Recent changes to the lending industry requires all loan officers to have a tracking number, known as an NMLS number (Nationwide Mortgage Licensing System and Registry). It should be displayed on their business cards, E-Mail, web sites, all correspondence, and most loan documents.

The display of the NMLS number may make many believe the Loan Officer is licensed. Sadly, this isn't true, and working with an unlicensed, untrained Loan Officer can cause you many headaches and hassles.

Simply put, Loan Officers at Banks, most Credit Unions, or Mortgage Companies owned by a bank are NOT REQUIRED to be licensed, take classes, pass any tests, take continuing education, or pass any state or federally mandated tests to be a Loan Officer!

CHECK YOUR LOAN OFFICER OUT on the Nationwide Mortgage Licensing System and Registry at http://www.nmlsconsumeraccess.org

My NMLS # is 274132

It is hard to determine if the Loan Officer is simply registered, versus licensed. When looking up a loan officer, you have to go to the bottom of their NMLS identification page and look under State Licenses/Registrations or Federal Registration heading.
  • A LICENSED Loan Officer will say "State Licenses/Registrations" and will have one or more STATES listed with licensing information.
  • An UNLICENSED, but simply REGISTERED Loan Officer will say "Federal Registration" and the something like Federal Mortgage Loan Originator.

Who is Best? Banks, Brokers, or Direct Mortgage Lenders?

Now I am not trying to make this into a David versus Goliath story, but I am trying to emphasize the huge differences between Loan Officer training. As the new requirements have been rolling out across the country, many Loan Officers who have been unable to meet the new licensing and testing requirements, and especially those who have failed the new tests, have simply gone to the large banks to work.

Calling "1-800-Big-Bank" to get a loan??? YIKES. Here is a chart to show the differences:

  SAFE ACT Loan Officers
(MLO's)
Bank Loan Officers (RMLO's)
Have Personal License Yes No
Registered in NMLS Yes Yes
FBI Background Yes No
Fingerprinted Yes No
Surety Bonded Yes No
Pre-Employment education Yes No
8 hours continuing education each year Yes No
Personal Credit checked Yes No
Pass Tough State Test Yes No
Pass Tough Federal Test Yes No
Complaint mechanism's Yes No
Licensing fees and renewals Yes No
Loan Officer Designation MLO RMLO
 
NMLS = Nationwide Mortgage Lender System and Registry (Tracking Number)
MLO = Mortgage Loan Officer (Licensed and Trained)
RMLO = Registered Mortgage Loan Officer (simply registered)

I think the choice is clear. Who would YOU rather be working with on the largest financial transaction of your life? A fully trained, licensed, fingerprinted, and background checked Loan Officer - or the untrained, unlicensed Loan Officer at the bank?

The funny part is the cost for the service based on rates and fees are usually about the same, if not slightly cheaper in both rate and costs. Plus non-bank lenders usually close the loans faster, and have more knowledgeable and experienced Loan Officers.

The best S.A.F.E. ACT Loan Officer (non-Bank) analogy I can use is having a choice of working with an experienced CPA to do your taxes vs. you using Turbo Tax to do it yourself, but paying the same price.

Finally, THIS IS A CLEAR REASON why people should follow my #1 mortgage shopping rule: GOOGLE THE NAME OF YOUR LOAN OFFICER before allowing them to handle the largest financial transaction of your life!

_____________________

Check out what these sites have to say about me: Google, YAHOO, Bankrate.com, and Bing.

Be Smart… Ask Questions, and Get Answers!

(C) 2011 - Joe Metzler - Mortgages Unlimited, St Paul, MN NMLS #274132. ReRe-blog but do not steal!

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Joe Metzler 09/21/2011 01:45 AM
Topic:
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Location:
Minnesota
Groups:
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All About Mortgages/Mortgage Networking
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Minnesota Real Estate
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Show All Comments
Rainer
343,827
James Loftis
Real Estate 911 Inc - West Palm Beach, FL
Real Estate 911 Inc

Good information to know. With the new rules in effect there much fewer state and federal licensed loan originators.

I went thru the process myself and am licensed in the state of Florida

Sep 20, 2011 02:12 AM #1
Rainmaker
955,133
Michele Cadogan
Fillmore Real Estate Brooklyn New York - Brooklyn, NY
917-861-9166 - Brooklyn Real Estate Home Sales

 

Thanks for this post-  ill surely share it with my associatess.  Its one of those things we all should be aware of. 

Sep 20, 2011 10:44 AM #2
Rainer
35,198
Roger Howell
Fairway Independent Mortgage Corporation NMLS #2289 - Boise, ID
We do business the Fair way!

In my market, we had a lot of former mortgage brokers run to the banks so they didnt have to be licensed.

Its funny to see my former competition sitting in a bank making a fraction of what they're worth simply because they wouldnt go through the process.

I dont know if the public is as imformed on this as they should be, but I will tell anyone who asks about the difference.

Sep 28, 2011 02:16 AM #3
Rainer
1,830
chanyuan chanyuan
chanyuan - Colonie Center, NY

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